The account balances in the ledger of the Jackson Company on January 31 (the end of its fiscal year), before adjustments, were as follows: [30 Marks] Debit Balances Cash and equivalents .............$ 119,115 Credit Balances Accumulated depreciation Accounts receivable ............ 162,500 on store equipment. Merchandise inventory............ 700,680 Store equipment Supplies inventory........... Prepaid insurance Selling expense Sales salaries 215,000 15,475 38,250 24,900 105,750 Accounts payable.. Notes payable......... Common stock....... Retained earnings Sales revenues Sales discounts....... Miscellaneous general expenses 31,000 Social security tax expense... 9,600 6,220 Total $1.428.490 $ 37,300 118,180 143,000 300,000 122,375 707,635 Total $1,428,490 The data for the adjustments are: 1. Cost of merchandise sold, $315,990. 2. Depreciation on store equipment, $10.750. 3. Supplies inventory, January 31, $5,250. (Purchases of supplies during the year were debited to the Supplies Inventory account.) 4. Interest accrued on notes payable, $3,730. 5. Sales salaries camed but not paid to employees, $3,575. 6. Interest earned on savings accounts, but not recorded, $410. Required: a. Set up T accounts with the balances given above. b. Post adjusting entries into T accounts as necessary. c. Journalize and post closing entries. d. Prepare an income statement for the fiscal year and a fiscal year-end balance sheet